The significant night movement saw local highs of $54,500 and a new hope that support levels will now focus on $50,000. Bitcoin (BTC) managed a strong resistance of $52,000. It reached historic highs during the night of March 8-9.
The price of BTC has reached two-week highs
Data from TradingView showed that the price of BTC / USD reached local highs on Tuesday at $54,500. Amid high volatility, the target of the increase on the day focused on $53,500. Still above strong resistance.
Analysts tracked the $52,000 as a line in the sand to secure the next phase of Bitcoin. Although the weekend produced a healthy rise, Bitcoin still had to consolidate $50,000 as strong support.
However, against 24-hour gains above 8%, the picture improved rapidly on Tuesday after evidence showed that $47,000 had become powerful support.
Summed up market commentator and contributor to the German daily Die Welt, Holger Zschaepitz, said on Twitter:
According to Goldman, institutional interest separates the latest increase in bulls from the rise in retail sales in 2017. Much of the institutional demand was caused by fears of asset devaluation.
Zschaepitz referred to Goldman Sachs’s findings, which also revealed that 40% of its clients had already experienced cryptocurrencies.
$70,000 – Is there “fate” waiting for the next Bitcoin resistance?
The institutional picture became even higher on Monday after one of the wealthiest people in Norway opened a spin-off company focused on Bitcoin. It used BTC as the only one in the cash register.
“BITCOIN CAN BE VERIFIED, DIVIDED, ASSEMBLED, STORED, AND TRANSPORTED PRACTICALLY WITHOUT ANY COST. IT’S A PERFECT RARE DIGITAL BENEFIT.”
- Written by Kjell Inge Røkke in a widely circulated letter from shareholders.
“ONLY THE ALLOWANCE OF THE CHEAPEST ELECTRICITY IN THE WORLD IS NEEDED TO MAINTAIN THE OPERATION OF THE NETWORK. ELECTRICITY PROVIDES THE NETWORK. NO TRUSTED PARTIES OR WEAPONS ARE NEEDED. I CALL THIS IS PROGRESS.”
Elsewhere, watchers saw the bullish mood unfold in Bitcoin’s Daily Moving Average Convergence / Divergence (MACD) indicator. This was set to repeat the February-March record-high of $58,300 on Monday.
“Fate awaits,” added filbfilb, an analyst at Cointelegraph Markets. According to the Fibonacci sequence, the essential and target area is $70,000 and higher.
Conclusion
It’s a ride with Bitcoin. Are you holding on and waiting, or are you still preparing to buy? Do you believe the price of Bitcoin’s BTC will climb to $70,000?
Also, read our article about holding onto Bitcoin and check if it is the right move to do at the moment.
